Final Fantasy VII is no longer "...quite possibly the greatest game ever made", nor is it the best Final Fantasy game; I could name at least five others in the series that are arguably better. This game, quite frankly, has not aged well; as the rosy retrospection once associated with this game loses its gloss.
The graphics are decent, but these are always improving so it is quite unfair to point out flaws now that were considered revolutionary at the time. The FMV's however remain some of the most poignant ever, as Square used them to their cinematic potential.
The story is magnificent, yes; but the plot is heavily convoluted and the characters are quite bland. Only few of the nine principal cast members receive appropriate character development, as the plot zeroes in and really only focuses on two characters (Cloud and Sephiroth) towards the end. Coming after Final Fantasy VI this is a disappointment.
The Materia system is innovative, but its highly customizable nature will ultimately render many characters obsolete, as there is no incentive to play with different characters (besides Limit Breaks). This further alienates any attachment to the characters.
As for the music, there are some truly wonderful tracks in this game, some of the best in the series (One Winged Angel, Main Theme, Aeris' Theme, the battle theme, to name a few). There are also plenty of bad tracks; and these keep the soundtrack from reaching the level of its predecessor, or ANY of the SNES games for that matter.
In the end, Final Fantasy VII emerges as a flawed masterpiece: not the greatest game ever, as once believed, but simply a highly ambitious and revolutionary RPG. It comes with a high recommendation.